Summary
- Decentralized exchange LIT (LIT) reportedly conducted an airdrop worth $675 million.
- Concerns were raised about tokenomics, noting that 50%% of the total LIT token supply is allocated to the development team and investors.
- LIT token was reported to be trading on CoinMarketCap at $2.78, down 4.03%% from the previous day.
Decentralized exchange (DEX) LIT conducted an airdrop worth $700 million (about 1 trillion won).
On the 31st (local time), according to Cointelegraph, LIT on the previous day (30th) airdropped LIT tokens worth $675 million (about 980 billion won) to early participants. Blockchain analytics firm Bubblebaps reported that "(from the airdrop) $30 million was withdrawn from LIT alone."
This airdrop is the 10th largest on record. The largest airdrop on record was Uniswap (UNI)'s $6.43 billion airdrop carried out in 2020.
Some have raised concerns about LIT's tokenomics. 50% of the total supply of LIT tokens is allocated to the ecosystem, and the remaining 50% is allocated to the development team and investors. Cointelegraph stated, "There are also criticisms that the 50% allocated to the development team is excessively high compared to other DeFi projects," and "(LIT's) tokenomics have been criticized as being similar to the model of major competitor Hyperliquid (HYPE)."
Meanwhile, as of 7:53 PM that day, LIT was trading on CoinMarketCap at $2.78, down 4.03% from the previous day. It was up 4.32% compared with a week earlier.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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